China says it will require action against the US delisting of its telcos
03 January, 2021
China will take "necessary measures" to safeguard the interests of its companies following the New York STOCK MARKET began delisting three Chinese telecom firms accused of experiencing military ties, the country's commerce ministry said on Saturday (Jan 2).
The NYSE said on Thursday that it would begin delisting China Mobile, China Unicom and China Telecom in response to a decision by President Donald Trump to bar US investment in organizations owned or handled by the Chinese military.
Trading of the companies is to be suspended sometime between Jan 7 and Jan 11.
The Chinese Ministry of Commerce said in a statement that the delisting was an abuse of nationwide security and inconsistent with market rules.
"China opposes the Americans from abusing national secureness by listing Chinese firms in to the so-called ‘Communist China Military Corporations’ list and can take the necessary countermeasures to resolutely safeguard the legitimate rights and interests of Chinese companies,” a spokesperson said.
The actions may also “greatly weaken all parties’ confidence in the US capital market".
The ministry didn't offer information on what the measures may be.
Under Trump, the US has stepped up economical sanctions and travelling bans against Chinese businesses, federal government officials and Communist Get together members, especially recently in Trump’s last few weeks in office.
In December, the US announced plans to limit visas for users of the Chinese Communist Get together and their members of the family to one month, rather than 10 years.
Chinese tech giant Huawei has been shut from the US market and the US has lobbied different countries to check out suit, albeit with combined results.
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